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be bad for middle-class families, and it would be bad for businesses that depend on family spending. congress can prevent it if they act right now. i just had a good and constructive discussion here at the white house with leadership about how to prevent the tax hike on the middle class. i am optimistic we may reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak, but if an agreement is not reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up or down vote to protect the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. i believe such a proposal could pass both houses with bipartisan majorities as long as those leaders allow it to come to a vote. if members of the house or senate want to vote no, they can, but we shall let everybody vote. that is the way
have 920 billion to cut in spending. we face this fight with a new congress, right? >> yeah. this would be another can-kicking exercise. it would also likely or possibly include any type of spending reform or tax reform to be continued through next year. adam: there's the president. rich, thank you. >> for the past couple of months i've been working with leaders of both parties to try and forge an agreement that would grow our economy and shrink the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it is the right thing to do for our families, four or businesses and for our entire economy but the hour for immediate action is here. it is now. we're now at the point where in just four days every american's tax rates are scheduled to go up by law. every american's paycheck will get consider bring smaller. and that would be the wrong thing to do for our economy. it would be bad for m
. it forces members of congress and president obama to spend the last few days of 2012 on the job. we want to bring in cnn chief white house correspondent, jessica yelen, we all know they would rather celebrate new year's eve elsewhere. how did they get here? >> reporter: it is such a good question, you know, candy, this grid lock in washington creates the eye-rolling. but the fundamental question goes to the essential differences between the two parties about the role of government, should it be bigger or smaller? about whether we want lower taxes or more of a social safety net. so while we have seen the principles, the president, speaker boehner, and now senator mcconnell and reid trying to get involved in stages in the last few weeks, it has always broken down because they fundamentally disagree about the big ideas over the core of this debate. they're fighting between the two parties. and this could get resolved in a matter of days or weeks. but the big difference, the issues could really take months to work out. >> can it be resolved in the matter of few enough days that they meet tha
, i can do it in two years. that's $1,000 a month. is that even possible? if so, act like congress. raise revenues and reduce spending. so this is what we're going to cut out of our budget, and this is how i'm going to take that extra part-time job or whatever it takes to make that money. >> amy, how do you characterize the market right now? it's in recovery but nowhere near where it was in 2007 and 2008? >> that's right. it really varies by market, in most places across the u.s., the housing market bottomed, but this is a long and slow slog to recovery. our economists predict over the next year across nationwide, home values are only going to rise about 2.5%. it is going to take years and years for us to get back where home values were in most places at the peak. for people thinking about buying, you do have some time to take advantage of these low prices. >> all right. and i know we've been -- wow. profiled people who were financed a couple of times, looking at it again with low mortgage rates. thanks. >>> and most homes and investments are made possible by paychecks. up next, th
the live cliff. >> remember, last year it? was part of a deal to end the debt ceiling crisis. congress agreed to steep a spending cuts going into reduce the deficit. cuts now are just around the corner. >> the president says he's optimistic but did f.a deal can not be reached he'll tell hairy reid to introduce a fall back bill. >> put a bill making sure tax on middle class families don't goup, that unemployment is available for two million people z that lays ground work for additional deficit reductions and economic growth steps we can take in the new year. >> the bill, as the president calls bare minimum isn't what many hoped for, pushing off until next year, larger pron lems of dealing with the cuts. the study by george mason university found cuts will result in two million jobs lost and a $215 billion drop in the nation's gross domestic product. for california, it means defense spending will be cut by half a billion dollars, 12,000 children would lose their access to head head start programs and fewer women would receive screening. 7,000 victims of domestic violence would lose servi
and congress. $500 billion in combined tax increases and spending cuts set to begin next week. if we go over the cliff, the payroll tax will be affected. >> thanks for having me. the payroll tax is one of the components of the fiscal cliff. as the article points out, most of the discussions back-and- forth have not involved extending that. what that means is that come the first paycheck in january, federal withholding for social security will increase in take- home pay will drop >. >> for what you have seen and heard of the negotiations, on what other items are you most concerned about regarding how going over the cliff is going to affect the average american? >> most of the discussion thus far has focused on the individual income tax provisions that for the most part have been in effect for the past 10 years or so. one aspect of the fiscal cliff is not actually about 2013 taxes, but is still left over business from 2012. most importantly, that is congress has not yet enacted its annual fixed to the alternative minimum tax for this year, yet. if no action is taken, a lot of people probably h
, conservatives may be able to fight for spending cut when is that becomes a key issue in the new congress. gregg. >> arthel: if negotiations fail or lawmakers don't like a final deal, president obama wants to move forward with a plan c. what's in that? >> it would focus on three key areas. keeping the tax cuts for those making $250,000 a year or less, extending unemployment benefits and delayed dramatic spending cuts until later next year. president obama says the u.s. cannot afford a politically self-inflicted wound to our economy. >> fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> the wild card is figuring out what it will take to get a final deal to pass in the house of representatives. they return tomorrow, probably around when we find out if the top two senators reached an agreement. >> gregg: mike emmanuel live in washington. thanks very
or democrats, this happens to be in the republican congress. it's a shame that they have to spend so much time trying to get re-elected instead of doing the job. what happens to -- i'm told you're doing a good job here, you pick out the -- in the situation. guest: the caller made some very important points. presidents do -- when you think about the re-election, if you split up into fundraising, president fundraising has started earlier and earlier especially re-election funds and on one hand, it's an encroachment to good morning that is turning his attention but presidents from both parties take their jobs very seriously. and they try to minimalize the impact their campaigning so maybe president obama's campaigning is held right around the corner. one reason that presidents spread out their fundraising is to minimalize the impact on government because it starts intruding earlier and earlier. the other point about the president's work hours, the presidents are president no matter where they go. so when he flies to new york, he flies with a mobile white house. he is often making calls to members
to have any patience for a politically self-inflicted wound to our economy. >> harris: if congress cannot work out a deal, tax hikes, spending cuts will take effect on tuesday of next week. president obama says he is willing to give congress a little time to come up with a compromise but his patience is limited well as is the rest of the country's. ed henry with the news live at the white house. ed, first, a dramatic meeting earlier today at the white house. and then this ultimatum from the president. >> that's right, harris. it was a dramatic exchange. what i'm told by a senior white house official is that the president basically told john boehner and mitch mcconnell the republican leaders in the room here for this meeting that he wants an up or down vote on his scaled back bill to try to avoid this fiscal cliff. and he basically turned on them and said so what's your response? what's your move? the next move is yours. and then i'm told that mitch mcconnell and harry reid, the democratic leader in the senate jumped in before john boehner really got a chance to fully respond and say, look
ticking it would delay dramatic spending cut until later next year. >> i've asked leaders of congress to work towards a package that prevents a tax hike on middle class americans, protects unemployment insurance for 2 million americans, and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. >> reporter: after the meeting the president came into the briefing room and told reporters constructive but added he was only modestly optimistic that a deal can be reached by the deadline, a sign that there's a very real possibility we're going off the fiscal cliff. at the white house ed henry, fox news. >>> to the edge in virginia now, a spokesperson for idaho republican senator michael crapo says he will not fight his dui charges. senator crapo got pulled over saturday in alexandria. police say he ran a red light. the senator reportedly registered a blood alcohol level of .11. the legal limit in virginia is .08. sources say the senator consulted an attorney. he is due in court january 4th. >>> the edge on d.c. tonight where a bank robbery susp
or so, a delay in those massive spending cuts that congress put into a package a year ago. increase in the estate tax. now, what do republicans want ideally to be included? they'd like to limit the tax increase for high earns, place that threshold somewhere other than $250,000. avoid the estate tax increase, no delay in those spending cuts, and figure out an agreement to pay for the extension of unemployment benefits. no guarantee either side's going to get all or any of what they want. what they're trying to do now is probably whittle out middle ground and see if they can get there. >> lisa, let me ask you this. we've seen a number of the key players, heard from others. but there's someone noticeably absent and that is speaker john boehner. where is he? and has he been benched sort of in this process? >> he was here at the capitol this morning. our producer on capitol hill reports he was meeting with his chief of staff. we don't know the what they were talking about. he was here at the capitol. only he and senator mcconnell have been here today. you know, i think the situation is s
. it will really depend on what else congress does with its tax and spending policies. not just the short answer. >> you sort of backed into this and said -- you're answering my question in the reverse by saying it's not clear that increasing the taxes on that small portion of people would have much of an impact on the economy. let me take it to kevin haslett. do you agree? >> you know, i think going from 35% to 39.6%, again, it does depend on what else is going on. that rate change alone isn't the biggest thing in the world. there was a survey of tax economists i cite in congressional testimony and elsewhere that found if we had a big fundamental tax reform you'd have to get an extra percent a year or so out of growth for a while. this tax increase would be the opposite of tax reform so it would have an opposite effect. it would be negative for sure but not as big as 1% a year. it would be smaller than that. so if we have external shocks, if fracking takes off and the economy starts to boom, then if we go up to 39.6%, we could still have a good year. but i don't think anyone disputes that the e
caused what. but i look at congress as being responsible for all of the spending, all the rules, all the laws, all of the real estate lending, all that. there the ones to set the rules. i mean, we did this. we elected this same crowd. the senate still has harry reid, the democrat, the house has john painter, the president is still the president. why she we expect anything to change. >> i don't expect anything to change. the reality is you have the same people. there very blunt, competent, dishonest, lying to the american public for a long time, promising things they know they cannot deliver. our children, grandchildren will pay the price. maybe sooner, but the bottom line is you are dealing with people who care about themselves to maintaining power. >> i think they care about the 1%. they increase the taxes on those made for under thousand and above, less than 1%. and the republicans are holding the countr hostage. they rejected that. tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing c
because people can't do their jobs. >> reporter: harry reid and mitch mccono agreed to spend the weekend working on a fall back plan that can pass both chambers of congress. >> some people will not like it, but that's where we are. >> reporter: president obama is pushing for a stop gap measure that would at least avoid tax increases on people earning less than $250,000. frustration is growing. a simple stop gap percent is not what men -- measure is not what many in washington hoped for. many blame president obama for the collapse of a bigger deal that would reduce spending and cut the country's debt. >> it is the president's responsibility to lay out a plan and to bring people together. >> house members don't get back here tonight sunday night. >>> president david wilson may be getting a remove of sorts after a lengthy public meeting months announced it is negotiating to keep him on until june 2014. his current contract expires in june of 2013. it was a rough year with two shootings on campus. >>> the russian president signed a law banning americans from adopting russian children. a law
and congress to make a deal and avoid those automatic tax hikes and spending cuts. obama met with top leaders from the both sides of the aisle in a rare meeting that lasted over an hour. afterward, he spoke about the importance of the deal for the u.s.'s still recovering economy. >> economists, business leaders, all think we're poised to grow in 2013. as long as politics in washington don't get in the way of america's progress. so we've got to get this done. >> senate minority leader mitch mcconnell also spoke after their meeting expressing home that the weekend would bring a deal. >> we are engaged in discussions, the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation i can make to my conference and the majority leader can make to his conference. and we'll be working hard to try to see if we can get there in the next 24 hours. i'm hopeful and optimistic. >> we're watching that story closely. >>> protesters demanding justice for the young woman who has died now after she was brutally beaten and gang raped on a bus
-class families and businesses that depend on your spending. congress can prevent it from happening. leaders are working on a way to prevent this tax hike on the middle class. if an agreement is reached i will urge the senate to hold an up or down vote to protect the middle class from the income- tax hike. it could pass both houses a bipartisan majority. but they still want to vote no, that is their prerogative. they shall let everybody else vote as well. we cannot afford a politically self-inflicted wound. the housing market is healing. the unemployment rate is the lowest it has been since 2008 but families and businesses are started to hold back because of the discussion they see in washington. you meet your deadline and responsibilities every single day. folks to search to do the same. we cannot let washington pot as the in the way. -- politics do the same way. thank you, everybody. >> as we bring 2012 to a close we have an opportunity to pick up the new year by working together to solve some of the big challenges facing our country today. at a time or its top $16 trillion, it has been mo
spending cuts and tax increases, but month after month after month, congress has been unable to cut a deal to avoid them. how absurd is this? so absurd the president is quoting yogi berra to describe it. >> this is deja vu all over again. america wonders why it is that in this town for some reason, you can't get stuff done in an organized timetable, why everything has to wait until the last minute. we're now at the last minute. >> reporter: the president spoke after a meeting where republican and democratic senate leaders agreed to try to find a solution. >> we're out of town. we've got to do it now. the next 24 hours will be very important. >> reporter: a rare phrase these days, bipartisan effort. >> in the hopes that we can come forward as early as sunday and have a recommendation. >> reporter: but if they don't. >> then i will urge senator reed to bring to the floor a basic package for an up and down vote. >> reporter: a backup plan likely to include tax increase only for the wealthy and extension of unemployment benefits for 2 million jobless americans. >> if members of the house or th
of the fiscal cliff. it will allow congress to again take another crack at finding some way to deal with spending cuts and tax reform. gerri: stay with us, rich edson. thank you so much for that report. turning now to our guests. it's up to harry reid and mitch mcconnell, the two leaders in the senate. trying to craft something. how likely is it that there would be a bill that passed the senate and house? after all, that is the problem we have had a long. >> well, first, we have not seen any details of this package. we are talking completely off-the-cuff, but we know will not be at 250. i think carrie reed has problems from new york like dianne feinstein of california, and 250 will be a big pill to swallow. this is a fiscal cliff that we can have 50 days, 60 days down the road. it does not fix the problem if you will have these taxes on $250,000 and above. as rich edson said, this is going to be another deadline in congress has to have. i think everyone needs to get comfortable with the fact that we are going to have these kinds of stopgap last-second deals. gerri: okay, let's get t
obama says that congress must act now to avoid economic disaster. he has been meeting with republican and democratic leaders to reach a deal to avoid tax hikes and spending cuts that take effect january 1. >> the hour-long meeting with president barack obama was the first face-to-face session together with both republican leaders of the latest fiscal crisis. obama said he was modestly optimistic about the agreement by senate leaders on a compromise bill that could be voted on by monday. that is just two days before 6 under billion dollars of automatic tax hikes and spending cuts begin to take effect -- $600 billion of automatic tax hikes and spending cuts take effect. >> we want to make sure that unemployment insurance is still available for 2 million people and lay the groundwork for additional deficit reduction and economic growth steps to take in the new year. but let's not miss this deadline. >> we are working hard to get there in the next 24 hours. i'm hopeful and optimistic. >> whenever we come up with will be imperfect. some people will not like it, some people will like it les
not whip the congress. we have not seen a weaker speaker of the house than john boehner who has essentially thrown up the hands and walked away from the process and the konts tugs constitutional mandate that spending is controlled by the house and not the senate, and he says you guys pass something. they were going to pass it anyway and it is the house that is the problem, and always has been, and this is the same congress behaving this way for two years. >> thank you, joy reid, and thank you, clarence page. we have a great programming note. sunday, barack obama will be david gregory's guest. i think you can bet that david will ask him all about the fiscal cliff talks. that is on "meet the press." >>> and what became of john boehner because not long ago he was the leader of a powerful leader of the house, but now he can't get his caucus to vote on the much approved plan b, and he is on the sidelines watching the fiscal cliff with the rest of us. this is "hardball." [ mother ] you can't leave the table till you finish your vegetables. [ clock ticking ] [ male announcer ] there's a better way
, definitely going over. that whole fiscal cliff thing, where congress and the white house can't reach a deal on taxes and spending before the end of the year and they maybe get us into a recession, it's definitely happening. that was the whole point of president obama's press conference this afternoon. >> i still want to get this done. it's the right thing to do for our families, for our businesses, and for our entire economy. but the hour for immediate action is here. it is now. >> allow me a quick update here. that press conference, it came after president obama met with john boehner and nancy pelosi and harry reid and mitch mcconnell, so all the key congressional leaders. and listen to the president here. >> the american people are watching what we do here. obviously, their patience is already thin. this is deja vu all over again. america wonders why it is that in this town for some reason, you can't get stuff done in an organized timetable. why everything always has to wait until the last minute. well, we're now at the last minute. and the american people are not going to have any patien
of the 112 congress, their belief is they are doing precisely what the people who elected them did, which is rolled back obama initiatives, cut spending. a lot that the debt ceiling should not be increased under a circumstances where they feel like i was a failure. but they basically believe their job is first to obstruct barack obama and once there is a republican president in place to pass this initiatives that create better business climate. more and more deregulation committee funding of programs that have never quite been near and dear to them. i think they do believe -- of course to fast-forward a bit about the debt ceiling fiasco of 2011, but after the summer we were taken to the brink of a fiscal cliff, one we are about to see it it can come in to thinking part of the house republican leadership was maybe her tea party freshman will go home, get yelled at by constituents and they'll realize this compromise is not such a bad thing. the opposite occurred. he went home and people go to town halls tend to be the activists of their party and those people tend to be tea party and everyo
and senate republican leader mcconnell agreed to spend the weekend working on plan that will be able to pass both chambers of congress. in assessing the impact of the cuts we relied on the study from george mason university taking a broad look at where the cuts would come. drill down into specifics we call head start program. we called health care centers and laboratories and anybody who would rely on federal money this might be cut and what we were told universally is that nobody really had an idea of which programs would be cut and which programs would be spared. they are all waiting for the word from congress. like the rest of us. 7 news. >> and we wait. warning tonight from pg&e. utility is sending out tweet right now warning people that a man with hispanic accent is calling senior citizens and ease telling them the service will be cut off unless they provide credit card or gift card information pg&e tells us it's a scam. utility will never ask for that kind of personal information over the phone and they want anyone who has been targeted to contact police medley to rundown who th
, and they trust us, we'll get to the spending cuts later on, let's not worry about that right now. the last thing we want to see is a weak-need congress and a weak-willed president patting themselves on the back because they have some watered down deal. i think they need to feel some pain, i think they need to see he the implications in the markets, in the economy, so, yes, i think no deal right now is better than a bad deal. >> okay, gary b, jim mentioned the market, let me play wall street on tv. basically i'm sick of this. i'm going to keep heading south because the uncertainty, the anxiety is killing me. if we had any kind of deal, at least we might see stocks move up a bit. that would be good for our 401(k)'s, wouldn't it? >> that's exactly my perspective, brenda. this was a really rough week on the market and it's all related to, not the-- not the fiscal cliff, it's the psychology of the fiscal cliff, and the sad truth is whether they do a deal now or they thoughtfully do a deal six months from now, really, nothing will be accomplished. the fact is, public debt is consuming our economy. it'
three days away from falling over the edge and seeing massive tax hikes and spending cuts that would go into effect. today president obama called on congress to agree on a compromise plan to protect the middle class. >>> the woman who went to prison for murdering the scarsdale diet doctor in 1990 has herself died. jean harris was 89. she was the doctor's longtime lover. he developed the famous fad, the diet in the 1980s, and harris said she found him treated on her and tried to commit suicide in front of him. they wrestled over a gun and he was shot. >>> former president george h.w. bush is getting better. he is reportedly singing with doctors and nurses in the houston hospital where he is at, although he is still in the intensive care unit. the senior bush has been in the hospital now for more than a month, but his family says that they are confident that he'll be out or released soon. >>> a cancer diagnosis didn't stop one man. in fact, at 79, it is spurring him on to achieve new goal as a marathon runner. >>> plus, no more nudity in san francisco. at least not in public. it is one of
'm jeff glor. it is the end of a holiday week, holit would appear congress is get getting started. tonight, the president said he es modestly optimistic about a deal to avoid the fiscal cliff, which would mean avoiding automatic tax increases and spending cuts come january 1. the president spoke to the nation this evening after an hourlong meeting with congressional leaders at the white house. democrat and republican leaders have agreed to extend jobless benefits and some tax increases. they appear to remain deadlocked on who exactly will pay those higher taxes. wo have two reports tonight, beginning with major garrett at the white house. major, good evening. >> reporter: good evening, jeff. two things are clear tonight arat were not clear this morning: progress is real, and if a deal is reached, it will be ir smaller than any of the key players envisioned only a couple weeks ago. is this deal, if it's to be reached, will not be the so- called grand bargain with trillions of dollars of deficit lionction. in fact, jeff, it's not even clear this deal-- again, if there is one-- would stop the
as lawmakers take their fight into the final hours. congress and the president have until the ball drops new year's eve to figure something out on those automatic tax hikes and spending cuts, but union workers have figured out a deal to avoid the so-called container cliff for now with the massive weekend strike looming, the longshoremen, shippers, operators and ports all agreeing to extend the union's contract until early february and avoid port shutdowns. meantime as the year winds down, 2012 is shaping up to be a pretty good one for banks. american banks closing out their best profits in six years and fewest failures since 2008, 51 banks closed their doors this year, still a lot historically but well below recent levels. drumroll, please. the top money making star of 2012, denzel washington. theater owners nationwide say moviegoers flock to denzel's movies more than anyone else's and hathaway and hugh jackson round out the top three. that's business. i'm eric bolling.   >> this fox 5 stock market report is brought to you by your lexus dealer. live life heroically. h
. they spend too much money, too. >> sean, it has been irresponsible on the part of the whole congress. this is why they are held in such low esteem. as a governor of a state you you have to balance a budget, it is state law you in most states. this is why i called for a constitutional amendment to balance the budget when i was running for president four years ago. i didn't get very far. it was not popular. my point is that look i served in the congress. these negotiations happen on budgets, on taxes, on even foreign policy issues the last days when the presidential hopefuls he sure is really on. when the gun is pointing to the head of a lot of members of congress. bipartisan, republican and democrats. it is moving in the right direction. we have three, four days to go. i wouldn't be surprised ifing something doesn't happen until the very last day. but i think it will. i sense that. >> sean: let me governor just very gently disagree with you. i know you probably think this is maybe a good deal whatever they are talking about and they are talking. i spoke to somebody who was in the meet
and it is possible for congress to go back and fix things and talking about the increase of tax rates and there will also be spending cuts to government programs as well as the military and that will be spread over with 2013 and the world doesn't come to an end if we go over this quote, unquote, fiscal cliff and instead, a lot of the damage gets spread out and congress does have the power to go back and fix things. >> is it more important that the payroll tax holiday will go away and that is another thing that will end up happening. >> the payroll tax holiday will be a temporary sting, and it was crafted in 2010 and that is right in the waning days of the 111th congress when they still held in control the house of representatives and all of the counter proposals and counter proposals, and house speaker john boehner and the offers we have on the table don't deal with the payroll tax holiday and they go up to people on the amount of money they put in the social security trust fund and that is your payroll tax and those will go up and pretty much regardless if we get a deal or we don't.
middle class tax hikes and possibly delay steep spending cuts. both sides weighing inned to. >> congress can prevent it from happening if they act now. leaders in congress are working on a way to prevent this tax hike on the middle class, i believe we may be able to reach an agreement that can pass both houses in time. >> republicans hope to work across the aisle to solve these and other critical challenges facing america in the new year. divided government is a good time to solve hard problems. and in the next few days leaders in washington have an important responsibility to work together and do just that. >> two reports for you here at the top of the hour. nbc's luke russert and nbc's kristen welker look at the capitol, kristen at the white house. luke let's start with you. next 72 hours, what are they supposed to look like and what's happening right now? >> reporter: it's interesting, t.j. i'm here at an empty capitol hill. it really is. minority leader mitch mcconnell, majority leader hay harry reid are negotiating over some type of package to avert a large tax hike on the middle cl
. >> in the weekly address they say congress must meet the deadline and pass a balanced plan that offers middle class tax cuts and reduces spending in a responsible manner. >> the president's proposal to raise taxes on the top 2% of americans won't pay a third of the yearly interest that's owed on this massive 16 trillon dollar debt. >> missouri senator roy blunt gave the gop weekly address. he said the president's tax hike would only fund the government for eight days. >> if no deal is reached here is a look at what could happen. 1.2million out of work americans will loose their extended unemployment benefits. california would be hit the hardest. 400,000 will loose those benefits and the bay area will certainly feel the sting. more than 22,000 in alameda and contra costa could be affected. >>> california is bracing for a stalemate. the state controller's office is advicing the departments use 2001 tax rates to work out the next round of state worker paychecks. social security specifically will take out another 2%. if the so-called fiscal cliff is a verted they will reimburse workers. they are adv
and republicans have resisted. if senate leaders cannot strike a deal, the president wants congress to vote on what would be plan c. it would focus on three key areas, keeping tax cuts for those making $250,000 or less. extending unemployment benefits and delay dramatic spending cuts until late next year. top senate republicans sound hopeful a deal can be reached. >> we are engaged in discussions, majority leader and myself, and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. >> among the issues to be hammered out shall the threshold for extending the push tax cuts and president obama campaigned and sounds like, 400,000 may be where they're heading. a leader says that permanency is key, and fixing the death tax and a permanent solution for the alternative minimum tax which threatens 28 million americans every year, would also help win republican support, heather. >> mike emanuel reporting from washington with the latest, thank you, mike. >> kelly: heather a
mantle himself. let's talk to a member of congress about that. james langford serves in the house budget committee and he joins me now. sir, have you conceded you're not getting spending cuts are you voting on raises taxes on people who make over $250,000 come sunday or monday, whatever it is? >> sequestration is a debt ceiling deal from last year. we made a deal and the president and the house and the senate all signed off on it and said we would reduce $1.2 trillion. 120 billion a year and that's the minimum that has to be cut just to fulfill what we had agreed upon last year. the real issue here is spending. we're spending $1 trillion more a year than we were just five years ago. so you're not going fix it with a few tax increases. you have to fix it. >> are you optimistic that something will happen by monday based on what you've heard from the president tonight? >> this is a senate issue and it's optimistic that mcconnell and reid will be able to sit down and talk through and be able to find a proposal and reid has been able to cram this the whole time that he's sitting down with mcc
's radio and internet address, mr. obama says he believes leaders in congress may be able to reach an agreement that can pass both houses before taxes rise and spending cuts take effect at the end of the year. he urges "washington politics" to not get in the way of "america's progress." meanwhile, in the republican address, missouri senator roy blunt says the nation can avoid going over the fiscalbama and the democratic- controlled senate work with republicans to solve the problem. >> the senate has approved a 60-point-4 billion dollar emergency spending package for hurricane sandy recovery. the measure, which was backed by democrats, now heads to the house. meanwhile, republican leaders favor a smaller aid package to pay for immediate sandy recovery needs, saying they need more time to consider any additional aid. >> sandy battered the east coast in late october. it was the most costly natural disaster since hurricane katrina in 2005. >> a connecticut attorney is asking permission to sue the state for 100 million dollars on behalf of a student who survived the mass shooting in new
and congress can't come up with a deal both on taxes and spending. you know, we have the fiscal cliff looming, as everybody has been talking about for months and months now, and they can't understand why you can't take marketplace reality and marry it with cogent tax policy. and john boehner talked about a million dollar threshold on income. the president talking 250. there's a compromise there. they were close already. but the number one thing that small business main street america, uncertainty. they don't know how to plan for their businesses, should they buy a new computer, hire new people, the fiscal cliff is damaging the economy today. >> juliet: what are they doing? they don't know what to do. you have to act the at a certain point. are they laying people or, are they not moving? >> it's minimalist, do the least amount you can do at this point in time until you know what your tax liability is going to be. until you know what the economic outlook's going be to be. are we going to have another recession. >> juliet: how is that affecting them by doing the least, the least type of movement
story this morning, that looming fiscal cliff. three days left for congress and the president to reach a deal and avoid billions in tax increases and spending cuts. earlier i spoke with former fdic chairman sheilah bear. she gave her predictions on what a deal might look like. >> i do think actually they're going to get a deal. but i think it will be more along the lines of kicking the can down the road. i don't think from this point that we'll get meaningful deficit reduction. certainly not meaningful tax reform. i do think that there will be perhaps a permanent extension of the lower tax rates for those making at least under $500,000. the payroll tax cut on the other hand will go away, i think. it's highly likely. that is going to impact a lot of workers. >> bair also took on the credit sthamp increasing the -- criticism that increasing the tax on capital gains. >> this is an aberration in the tax code. it is grossly unfair. you look at if they raise, say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean that small businesses, a
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